Mangaluru: The Corporation Bank has bagged the Best MSME Bank Award 2016 instituted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

The bank’s Managing Director and CEO Jai Kumar Garg received the award from Union Minister of State for MSME Haribhai Parthibhai Chaudhary at the 4th SMEs Excellence Award-2016 held at New Delhi on Tuesday, a release from the bank stated.

ASSOCHAM, established in 1920, has more than 300 Chambers and Trade Associations with it, serving more than 4 lakh members. The Best MSME Bank Award seeks to identify and honour banks and provide role models of best practices in MSME lending.

The evaluation was based on the performance in MSME segment – growth, targets, quality, innovation, technology use to improve reach, service quality, penetration and reporting systems, CSR activity for social uplift, skill building initiatives including training, creating financial literacy and promoting awareness and Technology intervention.

The bank said it had been focussing on MSME sector realising its importance. Some of its initiatives include opening 177 Specialised MSME Branches for focused lending under MSME, online loan application facility for MSME borrowers and concession in rate of interest to women and SC/ST entrepreneurs. The bank has exceeded the target allotted under Pradhan Mantri MUDRA Yojana for 2015-16 by disbursing Rs. 985 crore to micro units, the release added.